CART financials

[jonovision_man]

Quite a blood-bath.

A particularily daunting statement from the report:

"If the proposed merger with Open Wheel is not completed for any reason, and if no strategic transaction that is an alternative to the merger is available to us at that time, it is expected that we will be required immediately to cease our operations, wind up our affairs and seek to liquidate our remaining assets because our cash resources and other sources of liquidity would be substantially depleted by that time. In that event, we expect that CART, Inc. and our other subsidiaries would discontinue racing and other operations and commence liquidation"

[Napoleon]

Coming to work this morning this actually made the sports report on the local newsradio channel report. I was surprised.

[JoeBob]

That seems as much campaigning to the shareholders as anything else. A message of, "Vote 'Yes' and take your 53 cents, or vote 'No' and get nothing."

[rabbit]

Originally posted by JoeBob
That seems as much campaigning to the shareholders as anything else. A message of, "Vote 'Yes' and take your 53 cents, or vote 'No' and get nothing." That's what it sounds like to me.

[Elmo T]

Originally posted by JoeBob
That seems as much campaigning to the shareholders as anything else. A message of, "Vote 'Yes' and take your 53 cents, or vote 'No' and get nothing."

Not being a financial wiz myself, what would be the point of voting "No"?

[JoeBob]

Originally posted by Elmo T
Not being a financial wiz myself, what would be the point of voting "No"?

If you think that CART is worth more (or will be worth more) than what OWRS is offering, you would vote no.

[jonovision_man]

Originally posted by JoeBob
If you think that CART is worth more (or will be worth more) than what OWRS is offering, you would vote no.

I can only assume it will pass by a mile. Current share price is now under that 0.56, there are no signs of other buyers, and suddenly that offer which looked pretty skimpy looks awfully generous.

The only question is will OWRS stick together and stay around to complete it?

jono

[nrc]

That particularly daunting statement has been in every filing since the sale was announced. That's the whole premise of the sale. OK, I can see that the fans wouldn't have dug that out of the proxy, but some of the press seem to think it's news as well.

[jonovision_man]

Originally posted by nrc
That particularly daunting statement has been in every filing since the sale was announced. That's the whole premise of the sale. OK, I can see that the fans wouldn't have dug that out of the proxy, but some of the press seem to think it's news as well.

I thought it was mentionned but never in such strong and absolute terms.

jono

[nrc]

It's stronger than the language in their first reports of the buyout, but it's essentially identical to what they reported in the preliminary proxy at the beginning of October.